Financial consultancy the lang cat today (3 February) unveiled functionality on its Analyser reg tech software to support advisers with the justification needed when recommending clients switch between platforms and then evidencing it.
With more assets moving around platforms as the sector matures, the new feature will assist in demonstrating fair value and client suitability when recommending transfers as required by the Consumer Duty regulation. And crucially, it will integrate with strategic-level due diligence a firm has already completed, the statement said.
Analyser is a fully independent platform and MPS comparison solution developed to provide advice firms with “robust and repeatable due diligence and client reporting”. It helps ensure they make the best decisions for customers and comply with the demands of the regulator. Reports can be created at firm level, for specific clients, groups or client families.
This new feature enhances the process if advisers are recommending a client to move from one platform to another. It comes with templated justifications for why a certain platform is being recommended over an existing provider. Advisers are then free to use these, adapt or override as needed.
Analyser has also introduced a ‘Provider Introduction’ feature enabling advisers to refer themselves to providers that they would like to speak to, based on their research or shortlisting. The data and contact are strictly between the adviser and provider, which means there is no data trading or cost involved for either party. As it is driven by advisers, they benefit from avoiding unsolicited sales calls.
These new features follow the integration earlier this month of Avenir, to support financial advice firms with more efficient reporting. The partnership combines Avenir’s platform with Analyser’s insights and analytics to automate data and streamline reporting, saving time and improving accuracy.
Terry Huddart, digital director at the lang cat said: “The sector continues to defy expectations with high inflows, with money moving around platforms a major factor. There’s a dearth of support for advisers working in this environment which can be challenging, especially when the decision to move a client between platforms is more nuanced and not solely based on cost. Our new solution is designed to integrate with ongoing strategic panel selection and support advisers with a compliant, fully audited and time-saving methodology.
“We’ve also launched ‘Provider Introductions’ on the back of demand to facilitate contact where an adviser is interested in speaking to a provider having already conducted research and analysis. It is 100% opt in by users and will make the selection process smoother for everyone in the value chain.
“Through Analyser, we’re keen to provide an alternative to provider funded sales prospecting models where advisers often find themselves bombarded with unsolicited sales after they’ve viewed a provider on a piece of software. Our tool should support genuinely fruitful conversations.”
